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Laxman Pai, Opalesque Asia: Report from ShareAction finds that none of the world's 75 largest asset managers have a dedicated biodiversity policy, while many are still underplaying climate risks.
The report by London based NGO pointed out that asset managers have a lot more to learn about systemic risk related to biodiversity loss.
ShareAction also found that 39% of the asset managers, with over US$22 trillion in assets under management, make no mention of climate change in their investment policies, while 84% have no policies to exclude coal companies from their investment portfolios.
Only 11% of asset managers have policies requiring portfolio companies to mitigate harmful impacts on biodiversity, it said.
The findings of the report indicate that, collectively, the industry is failing to integrate biodiversity into risk management, corporate engagement and financial decision-making.
Only 46% of asset managers request better disclosure of the impacts of company value chains on biodiversity in their dialogue with companies and only 49% discuss corporate strategy on biodiversity.
The report also highlights how some investors' tacit consent to corporate lobbying against climate policy further widens the gap between climate change rhetoric and action within the industry. It finds that only 15% of assessed asset managers consider company involvement in trade groups opposing climate policy to be an engagement priority.
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